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    Central Bank of India Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.20% Floating
    500 One time fee
    5L 40% to 20 times monthly salary
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    Overview About the Central Bank

    Central Bank was established in 1911, and was the first bank that was fully owned and managed by Indians. It’s among the top public sector banks with a large network in over 29 states and 6 union territories with 4695 Branches, 4 Extension counters, along with 29 Satellite Offices throughout the length and breadth of the country. Their wide range of corporate clients include ICICI, IDBI, UTI, LIC, HDFC to name a few. Central Bank plays an increasingly active role in promoting the key areas of agriculture, small scale industries as also medium and large industries.

    Central Bank Personal Loan Eligibility

    The eligibility for the Central Bank Personal Loans is bifurcated into the 7 types of Personal Loans - Personal Loan Scheme (Corporate), Personal Loan Scheme (Non Corporate), Personal Loan to Pensioners. As well as few speciality personal loans - Cent Teacher, Cent Ratna Scheme, Cent Personal Gold Loan

    For the Personal Loan Scheme (Corporate), Personal Loan Scheme (Non Corporate), Personal Loan to Pensioners the eligibility criteria are below:

    Particulars Personal Loan Scheme (Corporate) Personal Loan Scheme (Non Corporate) Personal Loan to Pensioners
    Eligibility Permanent employees of large corporate Clients. Permanent Employees of Railways, Government and state institutions, schools, Hospitals etc, has completed 5 years of service and drawing salary through our branches. Pensioners / Family Pensioners drawing pension through our Bank’s branches. The Pensioners getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their saving accounts with our branches are also eligible.
    Pensioners/Family Pensioners of our Bank.
    Loan amount 20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan. 20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan. Pensioner aged up to 75 years - 18 months pension to a maximum of Rs. 5, 00, 000.
    Pensioner aged above 75 years - 12 months pension to a maximum of Rs. 2, 00, 000.
    Repayment 36 months - EMIs 48 months - EMI or within the left over service whichever is less. Installments to commence one month after disbursement Scheme of this Personal Loan to Pensioners is available as a term loan and overdraft facility.
    Processing Fees Rs. 500 per proposal Rs.500/- per proposal. (complete waiver of processing charges if the salary account is with Central Bank.) NA

    For the speciality personal loans like Cent Teacher, Cent Ratna Scheme, Cent Personal Gold Loan the eligibility criteria is below:

    Particulars Cent Teacher Cent Ratna Scheme Cent Personal Gold Loan
    Eligibility Permanent Teachers,employees of schools/colleges/universities and other Educational and Research Institutes whose salary routed through the accounts maintained with their branch Permanent employees of any Maharatna/Navratna/Major PSUs, this isn't available for speculative purposes. Overdraft/Demand loan against the pledge of 22carat gold ornaments or coins sold by Central Bank
    Loan amount 20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan. 20 times of gross salary with a maximum Rs. 6, 00,000 Minimum: Rs 10,000
    Maximum: Rs.20,00,000
    Repayment 48 months - EMI or within the left over service whichever is less. Installments to commence one month after disbursement 60 months Installments to commence one month after disbursement 12 to 36 Months, in the case of an overdraft facility. Amount will be reviewed annually.
    Guarantor/Security Personal guarantee of one co-employee with net worth equal to loan amount. Personal guarantee of one co-employee with net worth equal to loan amount. Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by our Bank.
    Processing Fees Rs. 500 per proposal NA 0.5% of the loan amount plus applicable as an appraiser fee. In case of an OD renewal charges 0.25% of limit.

    The Cent Suvidha Personal loan as well has the below eligibility criteria:

    • Salaried employees of Corporate Clients/ Schools / Colleges/ Universities/ Other Organizations whose salary is routed through Savings accounts of our branches at least for one year.
    • Operation in the account must be satisfactory.
    • Other Loan accounts of the applicant, if any, should have satisfactory conduct
    • Maximum amount in Overdraft is up to Rs.1, 00,000 or one month's net salary whichever is less.
    • There’s no processing fees applicable.

    Factors affecting Central Bank Personal Loan Eligibility

    The eligibility for a Central Bank personal loan can be affected by multiple factors, they are mentioned below:

    • Income – The available income of an applicant after payment of statutory dues, repayment of various loans, and other expenses is crucial to determining the income left to repay even the proposed loan, therefore gauging the applicants repaying capability. If the income of the applicant is high, the chances of the loan getting approved are also high.
    • Employment type – When a salaried applicant loan is in question, Confirmed and full time employees are given a preference in comparison to temporary or probationary employees. The confirmed employees are given the preference since they have job security as compared to temporary or probationary employees.
    • Relationship with the bank – A relationship with the bank from where the loan is applied, increases the chances of an person applying for a personal loan, this builds trust and confidence between the bank and the applicant, enough to establish the applicant repaying abilities.
    • Existing loans – Pre-existing loans and liabilities might be frowned upon as they can reduce the applicant's loan repayment capacity.

    How CIBIL Score affects your Central Bank Personal Loan Eligibility?

    Central Bank ensure to check your CIBIL score and credit report before your personal loan is approved. The score of 750 and above is a very high chance of getting your loan approved. CIBIL credit report covers all aspects of your financial credit value and gauges your repaying ability. Your credit report from CIBIL includes repayment of your credit cards, previou loans, and payment patterns. It also keep a check on the settlements with any lenders if any for being unable to keep up with the installments.

    How to increase Central Bank Personal Loan Eligibility?

    Steps that will help you increase your chances for eligibility for a personal loan with Central Bank

    • Clean records - Ensuring your credit records are clean and all payments are made on time and you’ve kept up with the installments and that you don’t have much debt will increase your eligibility criteria.
    • Few loans - Fewer loans also will increase your eligibility criteria. Lenders will be more relaxed with your eligibility if you are borrowing less and have a higher payback ability.
    • Job status - Earning a stable income from an organisation wherein you’re a permanent employee, increase your eligibility.
    • CIBIL score - A great CIBIL score will do wonders in your eligibility for you personal loan application with Central Bank. The CIBIL helps give the bank your financial history as well as your repayment capacity

    FAQs on Central Bank personal loan eligibility

    Q. Are pensioners eligible for Central Bank personal loan?

    A. Pensioners are eligible under the Personal Loan to Pensioners provided by Central bank.

    Q. What is the maximum age of eligibility for pensioners?

    A. The maximum age of eligibility for pensioners is no bar, but the amount of loan differs for different ages, a pensioner up to 75 years will be allowed a personal loan of maximum Rs. 5, 00, 000 and a pensioner above 75 years will be allowed a personal loan of maximum Rs. 2, 00, 000

    Q. Can a student avail Central Bank personal loan?

    A. No. Students aren’t eligible for Central Bank personal loan.

    Q. Should the applicant provide any security in order to obtain the loan?

    A.Yes, the Personal Loan(Corporate and Non-Corporate) applicant has to have their salary routed through the account maintained by Central Bank, also provide an undertaking should be submitted to debit the loan amount from the salary. Cent Ratna Scheme has to be a co-employee worth at least the loan amount to stand as guarantor. The security for the Cent Personal Gold loan is the pledged ornaments and coins. The Cent Suvidha loan requires an undertaking from the employer to credit the monthly salary in our bank maintained account.

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